Our team

Your advice is only as good as the talented team behind it. Our partners, advisers and analysts bring a collective depth of expertise and commitment to excellence.

‘Don’t leave gaps in the defence’ amidst simmering market uncertainty: Panel

21 Aug 2024

There’s no crisis yet, but private wealth CIOs and asset consultants are keeping a close eye on markets after their sudden August selloff. Their advice: stay nimble, stay unconstrained, and look out for “the unbelievable opportunity to invest in a dislocation”. The recent sharp, sudden fall in markets in August has been interpreted by some...

Koda Capital: ACF’s new investment advisors

20 Aug 2024

Australian Communities Foundation (ACF) is pleased to announce the appointment of Koda Capital as the new investment manager for our 100 per cent responsibly invested portfolio. As Australia’s largest independent wealth management firm, Koda manages over $12 billion of client assets, including $3 billion for non-profit and philanthropic clients. The announcement comes after a rigorous...

The Role of Personal Values in Shaping Investment Choices

15 Oct 2024

In an increasingly complex and dynamic investing environment, a deep understanding of personal values and mental models is essential for achieving both personal and professional success. Core values serve as fundamental principles that guide our decisions, actions, and interactions, while mental models are ingrained frameworks that shape how we perceive and interpret the world. By...

Small Versus Large Cap Stocks: Exploring the Size Premium

28 Jun 2024

The belief that small cap stocks should outperform their larger counterparts has long been held in the investment world since Rolf Banz first revealed the size premium in 1981. Historical data from 1962, as analysed by Fama and French in their 1992 paper, shows that the smallest 30% of US stocks have outperformed the largest...

Ep 181:

Dafina Toncheva – USVP General Partner (From Communism to Capitalism; and Navigating the Future of Venture Capital)

22 Oct 2024 | 41:13 mins

In this episode of Inside the Rope, David interviews Dafina Toncheva, a general partner at the US-based venture capital firm, USVP. Dafina shares her inspiring journey from growing up in Communist Bulgaria to earning a scholarship to Harvard and completing her MBA at Stanford. Now a prominent figure in venture capital, Dafina discusses USVP’s history,...

In this episode of Inside the Rope, David interviews Dafina Toncheva, a general partner at the US-based venture capital firm, USVP. Dafina shares her inspiring journey from growing up in Communist Bulgaria to earning a scholarship to Harvard and completing her MBA at Stanford. Now a prominent figure in venture capital, Dafina discusses USVP’s history, including its success in managing 12 funds, 11 of which have been profitable. She highlights USVP’s impressive track record, which includes 93 IPOs and over 100 M&A transactions.

Dafina explains her investment focus on early-stage companies, particularly in software, cybersecurity, and digital health. She recounts her early success at Venrock, where she led the first institutional investment in Cloudflare, now a multi-billion dollar company. Despite the initial skepticism from other investors, Dafina’s persistence paid off, making Cloudflare Venrock’s most profitable investment.

Throughout the podcast, Dafina reflects on her unique perspective shaped by her upbringing, her views on the importance of meritocracy, and her belief in free markets. She also discusses USVP’s disciplined approach to early-stage investments and their commitment to liquidity for investors.

Ep 180:

Michael Rosen – Hedged for Success: Convertible Bonds Explained

22 Oct 2024 | 35:17 mins

In this episode of Inside the Rope, David speaks with Michael Rosen, co-founder and CEO of Context Capital. They discuss his journey in finance and the founding of the firm. Michael covers his career managing a mutual fund group and the decision to start Context Capital after recognising the limits of traditional mutual funds, particularly...

In this episode of Inside the Rope, David speaks with Michael Rosen, co-founder and CEO of Context Capital. They discuss his journey in finance and the founding of the firm. Michael covers his career managing a mutual fund group and the decision to start Context Capital after recognising the limits of traditional mutual funds, particularly the lack of hedging options available.

Michael covers Context Capital’s investment strategy, which focuses on convertible bonds, a hybrid asset that sits between debt and equity. Michael explains how the firm manages $2.7 billion while producing an average return of over 12% per year since inception, reducing risk through strategies like shorting equities.

Michael also shares lessons from his restaurant ventures, drawing comparisons between running a restaurant and an investment firm. He highlights the importance of preparation and teamwork in both fields.

Finally Michael highlights his views on future opportunities in convertible markets and how some investors view the strategy as being able to offer equity-like returns with historically less risk.

Ep 11:

Helping Your Kids Without Ruining Your Life (Or Theirs)

18 Jun 2024 | 2:23 mins

How wealthy families help their children financially is a complex topic, as well as a deeply personal one. More families than ever are working through it. In 2020 Koda Capital Adviser & Partner James Hawthorne published a paper titled ‘Helping your kids without ruining your life (or theirs)’.  As the wealth in our communities grows,...

How wealthy families help their children financially is a complex topic, as well as a deeply personal one. More families than ever are working through it.

In 2020 Koda Capital Adviser & Partner James Hawthorne published a paper titled ‘Helping your kids without ruining your life (or theirs)’.  As the wealth in our communities grows, there is extraordinary potential for opportunity but also conflict between the generations.

Adjusted for inflation, there are more than three times as many households with a net worth in excess of $5m compared to 15 years ago. Additionally, families are smaller, meaning individual children are ending up with larger proportions of family wealth.

‘Helping your kids without ruining your life (or theirs): ten issues to consider when passing wealth to the next generation’ is a report that seeks to shed light on a topic that is rarely discussed in the open.

The full paper is available to download from Koda’s site at https://kodacapital.com/insights/helping-your-kids-without-ruining-your-life-or-theirs/

 

 

Ep 10:

The Upside of Maintaining Diversification

15 May 2024 | 2:56 mins

The phrase “diversification is the only free lunch in investing” is attributed to the Nobel Prize laureate Harry Markowitz. Investors accept this principle with few exceptions, however when faced with market turbulence many will retreat to the set of risks that are most familiar to them. In the process they often reduce the diversification of...

The phrase “diversification is the only free lunch in investing” is attributed to the Nobel Prize laureate Harry Markowitz. Investors accept this principle with few exceptions, however when faced with market turbulence many will retreat to the set of risks that are most familiar to them. In the process they often reduce the diversification of their portfolio and alter the risk and reward dynamics of their investments.

In 2020 Koda Capital Adviser & Partner Michael Massey published a paper titled ‘The Upside of Maintaining Diversification’. This is one of three papers in a trilogy series outlining the principles behind Koda’s investment philosophy: diversification, upside/downside capture and time in the market.

These principles are embedded in the strategies we use to construct client portfolios in a way that ensures investments have appropriate levels of diversification both across and within different asset classes. This balance, when combined with investing through cycles, enables clients to enjoy the benefits of compounding returns over the long term.

The full paper is available to download from Koda’s site at https://kodacapital.com/insights/the-upside-of-maintaining-diversification/

 

Koda in numbers

25

Average years of experience (Koda Partners)

53

Partners

130

Koda team members

4

Offices around Australia